Foreign media: China and Philippines will sign a joint exploration agreement in the South China Sea to directly exchange currencies between the two countries.

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 Foreign media: China and Philippines will sign a joint exploration agreement in the South China Sea to directly exchange currencies between the two countries.


According to the website of the Philippine Daily Inquirer on October 29, the Philippine Presidential Palace said that the Philippines would sign three agreements with China on joint exploration of the South China Sea.

El Salvador Panello, spokesman of the Philippine Presidential Palace, announced the above news after a meeting between Chinese State Councilor and Foreign Minister Wang Yi and Philippine President Rodrigo Dutelt.

Panello said: he (Duthel Te) met with the foreign minister of China. They discussed the specific issues of joint exploration. They will sign three agreements.

It is reported that Philippines and China are working to establish a framework for joint exploration of the South China Sea.

According to the Philippine Daily Inquirer website on October 30, the central bank and some of the largest financial institutions in the Philippines will try to replace the US dollar with RMB as the preferred currency for trade between China and the Philippines. They will act according to an agreement. The agreement will establish a Peso yuan spot trading market.

The memorandum of understanding will recognize Philippiness renminbi trading community, the report said. On the same day, the Central Bank of the Philippines and the Bank of China, Manila Branch, will sign the memorandum in Makati City.

Reported that the spot market will provide a quotation between the peso and the RMB, allowing direct conversion between the two currencies, rather than converting them into dollars as an intermediate step.

On October 30, the Bank of China Manila Branch and 13 major local banks in the Philippines held the signing ceremony of the Philippine Association of Renminbi Dealers. (Philippines Star News website)

This article source: Reference News Net editor: Yang Yi _NBJ10647